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Jenny Ruth
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Nathans directors sentenced

Friday 2nd of September 2011

Doolan, Moses and a third director, Don Young, were convicted in July of five criminal offences involving offer documents containing untrue statements.

Nathans went into receivership in August 2007 owing 7,082 “mums and dads” investors about $174 million. Investors have been repaid 3.7 cents in the dollar of their principal with the last distribution in December 2009.

Justice Paul Heath of the High Court sentenced Doolan to two years and four months in prison and ordered to pay $150,000 in reparation. Moses, who had been Nathans' chairman, was sentenced to two years and two months in prison and ordered to pay $425,000 in reparation.

Young was ordered to serve nine months home detention and to do 300 hours community work and to pay $310,000 in reparation.

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2 days ago agressively passive